Global automotive giant Honda Motor Co. (HMC) is considering investing $18.4 billion to build an electric vehicle (EV) plant in Canada.
Multiple media reports say that Honda is planning for both an EV and battery plant in Canada as it looks to grow its North American presence.
The report says Honda is looking at several sites across the country, including next to its existing plant in Alliston, Ontario. A decision is expected by year’s end.
News of a potential investment by Honda comes a month after the federal government in Ottawa mandated that all passenger vehicles sold within Canada be fully electric by 2035.
Honda would be the latest vehicle manufacturer to build an EV plant in Canada. Volkswagen is building a battery plant in St. Thomas, Ontario and Northvolt is building one east of Montreal.
Foreign automakers have also been attracted to Canada in recent years by billions of dollars in subsidies offered by both the federal and provincial governments.
Honda’s stock has gained 32% over the last 12 months and currently trades at $31.75 U.S. per share.
Tech Insider
